SembMarine (SMM): SMM, in a consortium arrangement with PT Scorpa Pranedya, has secured a US$300m Floating Storage Offloading (FSO) tanker conversion contract from an Exxon Mobil subsidiary for use at its Cepu Block in Indonesia. SMM is responsible for the engineering, procurement, construction, commissioning and hook-up work of a very large crude carrier (VLCC)-sized floating storage and offloading vessel for the Banyu Urip project in East Java, Indonesia. The conversion is expected to be completed in 27 months.
The contract size is large compared to SMM’s previous FSO conversion projects. This brings SMM’s ytd order wins to $3.34b, vs $3b for the full year 2010.
DMG reiterates Buy with TP $5.46.
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